VICI Properties Raises 2026 AFFO Guidance as Q3 Revenue Grows

VICI Properties Inc. (NYSE: VICI) raised its full-year 2026 adjusted funds from operations guidance after third-quarter revenue and AFFO increased, while a $458.0 million non-cash credit-loss provision sharply reduced GAAP earnings.

The experiential real estate investment trust now expects 2026 AFFO of $2.695 billion to $2.705 billion, or $2.47 to $2.48 per diluted common share. Its previous forecast called for AFFO of $2.675 billion to $2.695 billion, or $2.45 to $2.47 per share. The outlook assumes a weighted average common share count of 1.0902 billion.

VICI said the guidance excludes pending acquisitions without announced closing dates, possible future acquisitions or dispositions, capital-markets activity and other non-recurring transactions. The company did not provide GAAP net income guidance because it cannot reasonably predict future changes in its non-cash allowance for credit losses.

AFFO rises as credit-loss provision weighs on GAAP results

Revenue for the quarter ended September 30 rose 5.8% to $1.07 billion from $1.01 billion a year earlier. Income from sales-type leases increased to $556.7 million from $531.8 million, while income from lease financing receivables, loans and securities climbed to $482.6 million from $448.0 million.

AFFO attributable to common stockholders increased 7.5% to $685.2 million from $637.6 million. AFFO per diluted share rose to $0.62 from $0.60 despite an increase in the weighted average diluted share count to approximately 1.10 billion from 1.07 billion. Adjusted EBITDA attributable to common stockholders advanced to $879.8 million from $825.6 million.

GAAP net income attributable to common stockholders, however, fell to $342.5 million, or $0.31 per diluted share, from $762.0 million, or $0.71 per share. The decline primarily reflected a $458.0 million non-cash change in the allowance for credit losses, equivalent to $0.42 per share. The year-earlier quarter included a $20.2 million benefit from the same item.

VICI excludes the non-cash credit-loss adjustment from AFFO, along with certain leasing and financing adjustments, stock-based compensation, transaction costs and other specified items. The company cautioned that its non-GAAP measures are supplemental and are not substitutes for net income or cash flow calculated under GAAP.

Lease and lending income expands

Income from loans and securities reached $79.1 million, up from $61.0 million a year earlier. Contractual interest income included $47.9 million from mezzanine loans and preferred equity, $27.6 million from senior secured loans and $3.9 million from senior secured notes.

The quarter also included contractual rent from investments completed during 2026. The Golden Entertainment master lease generated $21.8 million, while the Clairvest Northfield Park lease contributed $13.5 million. VICI also recorded income associated with the PURE portfolio following its Gamehost real estate acquisition.

As of October 2026, VICI reported $3.32 billion of annualized contractual real estate rent. Its loan and securities portfolio had $3.16 billion of principal outstanding and generated $304.0 million of annualized contractual income, bringing total annualized contractual rent and loan income to $3.62 billion.

The portfolio comprised 103 experiential assets, including 63 gaming properties and 40 other experiential properties across the United States and Canada. Occupancy was 100%, and the weighted average lease term was 39.4 years when tenant renewal options were included. Parent guarantees covered 88% of rent.

Recently completed investments included the $1.16 billion Golden Entertainment sale-leaseback, the C$200.6 million Gamehost real estate acquisition and a $1.5 billion construction financing commitment for One Beverly Hills. VICI also committed $75.5 million to a Club Med St. Croix build-to-suit project.

A pending transaction would place Century Mile and Century Downs in Alberta under a separate lease with a subsidiary of Highfield Investment Group. Closing is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to customary conditions and regulatory approvals. VICI said the transaction would not change its aggregate rent.

Liquidity and tenant concentration

VICI ended the quarter with $2.50 billion of liquidity, consisting of $2.23 billion of available revolving credit capacity and $270.3 million of cash. Total debt was $17.22 billion, and the last-quarter annualized net leverage ratio was 4.8 times. Fixed-rate obligations represented 98.4% of outstanding debt, with a weighted average maturity of six years.

During the quarter, VICI issued $900 million of senior unsecured notes due in 2031 and $850 million of notes due in 2036. It also redeemed or repaid $1.75 billion of notes that had been due in 2026.

The portfolio remains concentrated among large gaming tenants. Caesars Entertainment represented 38% of annualized rent and MGM Resorts International accounted for 32%, while the Venetian represented 9%. VICI identified tenant and borrower credit, dependence on gaming and discretionary consumer spending, interest-rate and financing conditions, transaction execution, regulatory approvals and development-loan exposure among its principal uncertainties. Changes in tenant financial performance, credit ratings, equity prices and broader macroeconomic conditions may also produce material volatility in future GAAP credit-loss provisions.